Varian Medical Systems Reports Results for First Quarter of Fiscal Year 2011

...PALO ALTO Calif. Jan. 26 2011 /- Varian Medical System... The company's gross and operating margins grew strongly during the qu... Strong net orders for Oncology in North America and Europe were parti...At the end of the quarter the company had a record $704 million in ca...

PALO ALTO, Calif., Jan. 26, 2011 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting net earnings of $0.80 per diluted share in the first quarter of fiscal year 2011, up 27 percent from earnings of $0.63 per diluted share from continuing operations in the year-ago quarter. Revenues for the quarter were $580 million, up 7 percent from the prior-year period and up 8 percent on a constant currency basis. The quarter-ending backlog rose 10 percent from the prior year quarter to $2.2 billion.

"The company's gross and operating margins grew strongly during the quarter due largely to a favorable product mix in our Oncology Systems business as well as higher shipment volumes in our X-Ray Products business," said Tim Guertin, president and CEO of Varian Medical Systems. "The margin growth was particularly gratifying given that more than 60 percent of the company's revenues for the quarter came from international regions."

"Strong net orders for Oncology in North America and Europe were partially offset by a steep decline in Japan where a supplemental spending program contributed to record order levels in that market in the year-ago period," Guertin said. "Net orders for our X-Ray Products business grew in double digits."

At the end of the quarter, the company had a record $704 million in cash and cash equivalents and $23 million of debt. The company had strong cash flow from operations. Days sales outstanding was 78, an improvement of 6 days versus the year-ago period. No cash was used during the quarter for stock repurchases, however fully diluted shares outstanding were down significantly from the year-ago quarter due primarily to the accelerated stock repurchase program executed in the fourth quarter of fiscal 2010.

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